Dubai H1 Rough Diamond Trade +36% to $3 Billion

Dubai’s rough diamond trade increased 36 percent to $3.03 billion in the first six months of 2008. Imports grew 23 percent to $1.15 billion, while exports soared 44 percent to reach $1.88 billion during the period.

According to the Dubai Diamond Exchange (DDE), imports were boosted by high volumes arriving from Angola (75%), and a 138 percent rise in imports from China.

Over 87 percent of Dubai’s rough diamond exports were to EC countries and India, the DDE said in a release Thursday, adding that exports to China increased by 950 percent. 

Angola, India, EC and China together accounted for about 85 percent of Dubai’s total trade in the six month period.

“We have witnessed healthy growth in bilateral trade with various countries, reflecting the growing confidence in the trading infrastructure and opportunities offered by Dubai,” Ahmed Bin Sulayem, DMCC’s Executive Chairman and Deputy Chairman of DDE, said

According DDE CEO Youri Steverlynck, rising rough prices, 10 percent on average, helped push up trade levels. “In terms of carats [exports] grew marginally,” he said.

“We have also been witnessing sharp increase in rough diamond inventories held in Dubai, which underlines Dubai’s status as a major distribution conduit for leading manufacturing markets,” Steverlynck added. “To further such initiatives, DDE plans to hold rough diamond sales weeks every month, starting from August 24. Diamonds traded via the DDE during the proposed sales weeks will include production from various mines across the world.“